| EBF MORNING BRIEF Tuesday 26 July 2022 Good morning. Here are the top news stories and events in European banking, financial regulation and EU policy, brought to you by the European Banking Federation.
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FROM THE MEDIA
Bloomberg: ECB’s Kazaks says stronger hikes may not be over
The European Central Bank (ECB) may not be done with big increases in interest rates after surprising with an initial half-point hike last week, according to ECB Governing Council member Martins Kazaks. As reported by Bloomberg, Kazaks declined to speak about possible scenarios for the October meeting but said he’d have “no major objections” to recent market expectations for 150 basis points of tightening by next June. Read more
FT: UK financial markets need more reform to beat rivals, adviser says
Ministers need to continue reforming London’s capital markets or risk losing ground to rival cities in the EU and US, the Financial Times (FT) reports. Lawyer Mark Austin drafted a market deregulation proposal calling for retail investors to be allowed to take part in all equity raisings, including those previously the preserve of institutional investors. Read more
Reuters: Italy pays too much to borrow due to policy risk, Visco says
Italy is paying too high a premium to borrow on the bond market due to uncertainty over its economic policy, European Central Bank (ECB) policymaker Ignazio Visco said. This comes days after the Italian government collapsed triggering fresh elections, Reuters notes. "I think that the current spread with respect to German Bunds is much higher than what would be justified by the macroeconomic fundamentals of the country," he added. Read more |
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MAIN EVENTS For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS
Finance Latvia: Tips on how to save during the rapid rise in prices
According to forecasts, the rapid rise in prices will not slow down in the near future. Financial experts heard by Finance Latvia advise everyone to start saving in time to be able to successfully overcome unforeseen situations if they arise. Read more (LT)
ABI: Banks accelerate on digitalization and security
The use of digital channels increases and at the same time the commitment of the banking world against cybercrime is strengthened even more. According to the Italian Banking Association (ABI), the banks operating in Italy invested over 350 million euros to combat this criminal phenomenon in 2021. Read more (IT)
UK Finance: Exploring the new dawn for crypto and regulation
Jennifer Clarke, Publications Manager at CUBE penned a blog post for UK Finance looking into global regulatory data. She discusses a global shift in the regulatory attitudes and action towards cryptocurrency. Read more |
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FROM THE INSTITUTIONS
BIS: Cross-border financial centers
When monitoring capital flows and analyzing international interconnectedness, it is useful to distinguish financial centers that specialize in cross-border financial activity from other countries. Such centers account for a small share of the global economy but a large share of international financial activity. A Bank for International Settlements (BIS)'s working paper proposes a quantitative, transparent, and replicable method for identifying cross-border financial centers. Read more
ECB: Monetary policy & anchored expectations
A paper published by the European Central Bank (ECB) analyzes monetary policy in a model with a potential unanchoring of inflation expectations. Findings shows that optimal policy moves the interest rate aggressively when expectations unanchor, allowing the central bank to accommodate inflation fluctuations when expectations are well-anchored. Read more
EP: ECON MEPs finish the visit to Washington
Members of the Economic and Monetary Affairs Committee (ECON) of the European Parliament (EP) concluded a five-day visit to Washington, D.C. led by Committee Chair Irene Tinagli. “Amid ongoing war in Ukraine and worsening global economic situation, the EU-US cooperation is more important than ever. We held fruitful discussions with our US counterparts as regards economic recovery policies, response to high inflationary pressure, and sanctions against Russia," Tinagli said. Read more |
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FROM THE EBF
EBF response to the European Commission’s targeted questionnaire on Open Finance
The EBF has responded to the European Commission’s targeted consultation on Open Finance. The EBF response notes that the focus for an Open Framework should be in addressing existing gaps in data sharing aspects, including consumer protection, technical obstacles, liability, and a fair distribution of value and incentives for all market actors. Read more
New EBF Vacancies! Work with us!
Visit our Vacancies page to learn more about the opening positions at the EBF. Read more |
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ABOUT THE EUROPEAN BANKING FEDERATION
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The federation is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu |
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